Market Structure Reports

Let There Be Light - US Edition

October 18, 2018

• Dark pools executed approximately 14.00% of US equity volume last month, down 73 bps from August’s 14.73%• Dark-pool average daily volume increased 6.66% m/m, to 965.5 million shares, as consolidated ADV increased by a greater margin of 12.23% m/m• Block pools were a mixed bag in September, with some among the top gainers while others fared the worst • Hidden orders on lit markets executed 8.29% of US volume in September, up 5 bps m/m• We add new estimated volume for IntelligentCross, provide context about the latest Credit Suisse settlement, and dive into recent TRF trends